{"id":19034,"date":"2021-12-08T11:11:00","date_gmt":"2021-12-08T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19034"},"modified":"2021-12-07T15:23:25","modified_gmt":"2021-12-07T23:23:25","slug":"the-shift-of-canadian-housing-spending-is-notable-during-q3","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/12\/the-shift-of-canadian-housing-spending-is-notable-during-q3\/","title":{"rendered":"The Shift of Canadian Housing Spending is Notable During Q3"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian housing investment is falling back to earth after pandemic measures spurred a record-setting run earlier this year.<\/p>\n<p style=\"text-align: justify;\">While real estate prices remain high across the country, residential investment \u2014 a three-pronged measure of home renovation, new construction and ownership transfer costs \u2014 plummeted during the third quarter.<\/p>\n<p style=\"text-align: justify;\">According to Statistics Canada\u2019s (StatCan) latest GDP income and expenditure report, seasonally adjusted residential investment fell 7.1% ($17.7 billion) from the previous quarter to $231.2 billion.<\/p>\n<p style=\"text-align: justify;\">COVID-19 lockdowns and work-from-home mandates caused a surge in real estate investment as Canadians sought larger homes on the resale market, fixed up their current ones, or opted to build.<\/p>\n<p style=\"text-align: justify;\">Residential investment actually surpassed business investment as a share of Canada\u2019s GDP during the course of the pandemic. However, that trend has shifted due to decreased sales, delayed construction projects, and a return to pre-pandemic spending patterns.<\/p>\n<p style=\"text-align: justify;\">Following the second quarter\u2019s record-setting mark of nearly $250 billion, a reduction in housing investment was anticipated as pandemic uncertainty eased and COVID case numbers dropped, although the size of the shift is notable.<\/p>\n<p style=\"text-align: justify;\">Seasonally adjusted home renovation spending fell to $73.3 billion during the third quarter, down 11.6% ($9.6 billion), marking the biggest quarterly decline since 1974.<\/p>\n<p style=\"text-align: justify;\">New construction, the largest of the three residential investment subcomponents, dropped to a seasonally adjusted $102.7 billion in the third quarter, down 2.6% ($2.8 billion) from the previous quarter.<\/p>\n<p style=\"text-align: justify;\">According to StatCan, after adjusting for inflation new construction saw a 5.2% dip, the largest since 2009. While rising costs played a role, part of the decrease could also be attributed to construction delays related to supply chain disruptions and labour shortages.<\/p>\n<p style=\"text-align: justify;\">Ownership transfer costs \u2014 a tally of realtor commissions, land transfer taxes and legal fees \u2014 was one of the key drivers of residential investment earlier this year as sales figures soared.<\/p>\n<p style=\"text-align: justify;\">Reduced resale activity pushed transfer costs down 8.8% ($5.3 billion) to a seasonally adjusted $55.2 billion during the third quarter. The numbers were down nationwide, with only Newfoundland and Labrador and Yukon reporting higher figures than the previous quarter.<\/p>\n<p style=\"text-align: justify;\">While housing investment was on the downswing, StatCan noted that Canadian household spending on semi-durable goods and services rose 14% and 6.3%, respectively, during the third quarter as pandemic restrictions eased.<\/p>\n<p style=\"text-align: justify;\">Clothing and footwear spending exceeded pre-pandemic levels, increasing by more than 25% from the previous quarter, while transport (40.3%) and personal grooming (35.8%) led the way on the service side.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/12\/canadian-housing-investment-plummeted-q3-2021-statcan.html\" target=\"_blank\" rel=\"noopener\">StatCan : Canadian Housing Investment Plummeted During Q3-2021 as Pandemic Measures Lifted<\/a> by Ryan Garner | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian housing investment is falling back to earth after pandemic measures spurred a record-setting run earlier this year. While real estate prices remain high across the country, residential investment \u2014 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/12\/the-shift-of-canadian-housing-spending-is-notable-during-q3\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-19034","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Shift of Canadian Housing Spending is Notable During Q3 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/12\/the-shift-of-canadian-housing-spending-is-notable-during-q3\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Shift of Canadian Housing Spending is Notable During Q3 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian housing investment is falling back to earth after pandemic measures spurred a record-setting run earlier this year. 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